Nistec is controllling the PCB provider Eltek
4 November, 2013
Nistec bought 3,532,655 ordinary shares of Eltek for $4.2 million and acquired the holdings of Eltek's major shareholder, Mr. Yossi Maiman (24.1%), for $2.3 million
Change of ownership in Eltek Ltd., the Israeli manufacturer of advanced Flex-Rigid circuitry solutions (PCB).
The company announced that it has entered into a $4.2 million investment agreement with Nistec Ltd. (Nistec Group), a leading provider of Electronic Manufacturing Services (EMS) and design services.
According to the agreement, Nistec bought 3,532,655 ordinary shares of Eltek for $4.2 million. Nistec also acquired all of the holdings of Eltek’s major shareholder, Mr. Yossi Maiman (24.1%), for $2.3 million. Upon completion of the transactions, Nistec will hold the majority of Eltek’s issued share capital (50.5%).
Nistec is a private company, owned by Mr. Yitzhak Nissan, and is involved in the EMS and the design services business. Founded in 1985, Nistec provides a one stop-shop solution for electronics outsourcing. Nistec’s line of services starts with NPI (new product introduction) through printed circuit board design and then PCB assembly.
Yitzhak Nissan, CEO and owner of Nistec commented, “I believe that our investment will greatly support Eltek’s growth strategy and look forward to working with Eltek’s management to provide more value to our customers and shareholders.”
Eltek’s revenues for the quarter ended June 30, 2013 were $12.4 million, compared to revenues of $11.5 million in the second quarter of 2012. Revenues for the first six months of 2013 were $24.8 million compared to revenues of $23.5 million recorded in the first six months of 2012.